Pawel advises corporates, underwriters and private equity funds on complex cross-border SEC-registered and Rule 144A / Regulation S equity and debt capital markets, and M&A and private equity transactions, as well as corporate governance, regulatory and ongoing reporting matters.

Pawel has completed secondments to the execution group at a major investment bank in London and the legal department at ADNOC in Abu Dhabi, UAE.


Representative matters

The Hellenic Financial Stability Fund, as selling shareholder, on the sale of €1.1 billion of shares in National Bank of Greece (NBG).

Abu Dhabi National Oil Company, Borealis AG, and Borouge plc on the $3 billion IPO and listing on the ADX of Borouge.

ADNOC L&S and ADNOC on ADNOC L&S’ $769 million IPO and listing on the ADX. This was the second-largest IPO in the MENA region this year and the largest demand globally for an IPO in 2023.

Elemental Holdings on a $290 million private investment and investment by IFC, EBRD and PFR (Polish Development Fund).

ADNOC and ADNOC Drilling Company PJSC on the $1.1 billion IPO and listing on the ADX of ADNOC Drilling.

ADNOC on its $1.64 billion combined offering of existing shares in ADNOC Distribution and issuance of exchangeable bonds listed on the Vienna Stock Exchange.

Goldman Sachs, Merrill Lynch, Citigroup, EFG and ENBD, as underwriters, on the $1 billion IPO and listing on DFM of Salik, the exclusive toll gate operator in Dubai.

Enel Finance International N.V. (EFI), the Dutch-registered finance company controlled by Enel S.p.A., on its multi-tranche sustainability-linked bond in the amount of $3.5 billion.

Santander Bank Polska on the sale of its minority stakes in Aviva Towarzystwo Ubezpieczeń na Życie, Aviva Towarzystwo Ubezpieczeń Ogólnych and Aviva Powszechne Towarzystwo Emerytalne Aviva Santander for approximately €2.5 billion.

ADNOC Distribution on its $851 million IPO and listing on the ADX.

The initial purchasers on the $814 million bond offering by ACWA Power Management and Investments One Limited.

Fertiglobe on its $795 million IPO and listing on the ADX.

Emaar Misr on its approximately $300 million IPO and listing of shares on the Egyptian Stock Exchange.

Citigroup., Nordea and Swedbank, as underwriters, on the €175 million IPO and listing on Nasdaq Tallinn of Enefit Green.

Ferretti S.p.A., listed on the Hong Kong Stock Exchange, on the admission to listing and trading of its ordinary shares on the Euronext Milan, the Italian main market and concurrent secondary institutional offering of Ferretti shares.

The underwriters on Tristar’s proposed IPO and listing on the DFM.

The underwriters on the IPO and London Stock Exchange listing of Integrated Diagnostics Holdings plc.

The underwriters on the IPO and Amsterdam Stock Exchange listing of ABN AMRO.

The underwriters on the IPO and listing on the Spanish Stock Exchanges of Enel.

The underwriters on the IPO and listing on the Ljubljana stock exchange of NLB.

The underwriters on the project bond offering by Abu Dhabi Crude Oil Pipeline LLC.

The underwriters on the project bond offering by Emirates Sembcorp Water & Power Company.

MCI Capital SA, as a shareholder and PIPE investor, on the business combination (de-SPAC) of GT Gettaxi Limited with Rosecliff Acquisition Corp I.

Axios Sustainable Growth Acquisition Corporation, a SPAC listed on NYSE, on with its planned de-SPACs.

Published Work

  • Szaja. P (2017-2024) “Initial Public Offerings”, United Kingdom: Global Legal Insights
  • Szaja. P (2020) “Investment Guide for Emerging Europe”, CEE Legal Matters
  • Szaja. P (2015) “The JOBS Act and IPOs: the view from Europe”, United Kingdom: PLC Magazine

Speaking Engagements

  • Speaker, Regulatory Developments Affecting Capital Markets in the U.S., PLI Institute on Securities Regulation Conference in London, April 2021
  • Speaker, Russian Capital Markets, London Stock Exchange, May 2021 
  • Moderator, Financing in 2020 (M&A, PE, VC), Fintech Talents' Virtual Open Finance, December 2020
  • Moderator, Investments Conference, UK FinTech Week, April 2020

Leadership Positions And Professional Affiliations

  • Supervisory Board Member (Non-Executive, Independent), Elemental Holding Group S.A. Luxembourg
Pawel is switched-on and ahead of the game; he is really proactive in solving issues as they arise”
Chambers Global, 2023
Exceptional partner with excellent sector knowledge, skills and commercial acumen - would recommend to act on behalf of lenders without hesitation within the sector and region
Legal 500 UK, 2023


  • Up and Coming Lawyer for Equity Capital Markets, Chambers Global, 2024
  • Leading Individual for Debt Capital Markets, Legal 500 UK, 2024
  • Next Generation Partner for Equity Capital Markets, Legal 500 UK, 2024
  • Notable Practitioner for Debt Capital Markets and Equity Capital Markets, IFLR1000, 2023
  • Hot 100, The Lawyer, 2020



New York, 2009

England & Wales, 2013

Republic of Ireland – On the Roll, 2013 


J.D., Law, University of Warsaw, 2005

LL.M., Finance, Institute for Law and Finance, Frankfurt, 2006

LL.M, Law, Columbia Law School, New York, 2008


English, Polish, German
A&O Shearman was formed on May 1, 2024 by the combination of Shearman & Sterling LLP and Allen & Overy LLP and their respective affiliates (the legacy firms). Any matters referred to above may include matters undertaken by one or more of the legacy firms rather than A&O Shearman.